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Report finds real estate market in Philadelphia is strong

11/20/2015 | Real Estate Blog

There are many things that go into a community being strong economically. One of those things is the real estate market. According to a report recently released regarding real estate in Philadelphia, the market is doing well.

Released by Drexel University on behalf of the Lindy Institute of Urban Innovation, the report indicates this summer was the best the real estate market has seen since the Great Recession. Contributing to this outcome is the sale of residential properties in both lower and higher-priced neighborhoods. In addition to the highest sale volume in Philadelphia since 2007, compared to last year, at $142,000, the median house price is seven percent higher this year.

South Philadelphia, Kensington/Frankford and West Philadelphia, saw the largest average housing increase. In addition, between July and August of this year a total of 34 homes valued at a million dollars or more, sold. That’s nine more than sold in 2008 when the last record was set.

Anytime there is a real estate transaction there is the chance that something could go wrong. The more real estate deals taking place, the greater the chance this could happen. Since for many people a house is the biggest asset they will purchase, it is vital the transaction is handled correctly. The failure to do so could result in the parties involved spending a great deal of time and money to reach a resolution. A real estate attorney can help not only when things go wrong, but on the front end as well to try to prevent such incidents from occurring in the first place.